Syngenta 'turns down $42bn offer' by state-owned Chinese firm

Swiss pesticide giant Syngenta has reportedly turned down a $42 billion takeover bid from China National Chemical Corp in what would have been the biggest acquisition of a European firm by a Chinese bidder.

Syngenta, whose market value is about $32 billion, turned down the $42 billion offer by the state-owned company, citing a risk of regulatory intervention, reports say.

However, the two firms are still believed to be in talks and a deal may well be reached within the next few weeks, reports say.